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Inflation commonly affects savings. Nearly two-thirds (63%) of U.S. adults say they’re saving less for emergencies due to inflation, while 45% say a reason is rising interest rates.
You might consider taking time to shop around for the best savings accounts and highest yields available on the account you keep your emergency fund in. 7. Replenish after an emergency
The best place for your emergency fund is a liquid savings account, where you’ll be able to access the money quickly, if needed. An example is a high yield savings account.
To avoid financial hardships on top of unexpected repairs and other needs, it’s best to have an emergency fund. Think of this money more as a safety net than a bank account. For You: 3 Things ...
Prioritize your savings until your emergency fund is in good shape. To stay motivated, remember that every little bit helps. Even $500 in emergency savings is better than $0 with a hope and a prayer.
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